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US Crude Oil Stockpiles Hit Record High for Third Week
Crude oil inventories also hit another record high on the U.S. Gulf Coast, where the bulk of the nation's refining capacity is located.
Oil Price Structure Signals Global Market Recovery
The new oil price structure marks a turnaround from earlier when the coronavirus outbreak had pushed oil prices into the opposite structure, when prompt prices fell below forward prices, known as contango.
US Crude Oil Stockpiles Surge to Record High on Big Saudi Imports
Crude oil inventories rose 5.7 million barrels in the week to June 5 to 538.1 million barrels, most in history, not including the U.S. strategic reserves, EIA data showed.